2022-03-31-accounts - Community Of St Peter, Horbury

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Community of St. Peter, Horbury

a Charitable Incorporated Organisation (CIO)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Charity Registration No. 1169013

Community of St. Peter Horbury

Year Ended 31 March 2022

CONTENTS
	Page
Trustees' Annual Report	1 - 3
Independent Examiners' Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the accounts	7 - 11

Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2022

Charity Registration No. 1169013

The trustees present their report and accounts of the charity for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the charity's trust deed, Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Trustees: Sister Robina Robina Byles Sister Elizabeth Jean Turnbull Sister Phyllis Peggy Schofield Sister Jean Clare Jean Rushton The Venerable Peter Townley (as Archdeacon of Pontefract) Father Brian Thomas Benedict Bell

The above named individuals served as trustees throughout both this year and the comparative year.

Charity Registration Number:

1169013

Charity Office: St. Peter's Convent 14 Spring End Road Horbury WF4 6DB

Advisers: Bankers HSBC Bank Plc City Branch, 33 Park Row, Leeds, LS1 1LD Solicitors Wrigleys Solicitors LLP 19 Cookridge Street, Leeds, LS2 3AG Accountants Forrest Burlinson 20 Owl Lane, Dewsbury, WF12 7RQ Investments Investec Wealth and Investment Quayside House, Leeds, LS11 5PU

Purpose and activities

The objects of the charity are specifically restricted to such purposes which are exclusively charitable in the laws of England and Wales and which are in keeping with the tenets of the Christian Faith as the Charity Trustees shall in their absolute discretion determine, including:

the advancement of the Christian religion, in particular by enabling those who receive a vocation to membership of the Community to live a life of separation from the world under the threefold vows of poverty, chastity, and obedience to the end that they may, by the aid of prayer and self-abnegation, the better follow in the footsteps of our Lord and master Jesus Christ, and by union with Him give glory to God by the furtherance of those works of mercy to the discharge of which the Community may from time to time be called.
among the works to which the Community is devoted, a special place is given to the spiritual and moral restoration of women and girls, to the education of children and parochial and other mission work.

Statement on public benefit

The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The objects and other information set out in this report demonstrate this in more detail.

Page 1

Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2022

Charity Registration No. 1169013

Charitable Incorporated Organisation (CIO) - structure, governance and management

The charity is governed by its CIO Constitution and was registered with the Charity Commission for England and Wales on 2 September 2016 as a Charitable Incorporated Organisation (CIO).

The members of the CIO are the voting members of the Community of St. Peter, Horbury. The members appoint the charity trustees, subject to a minimum number of 3 and a maximum number of 12 trustees being appointed at any one time.

The trustees manage the charity on a day-to-day basis, although they do have the power to delegate in accordance with the CIO Constitution.

Policies and procedures adopted for the induction and training of trustees

The charity recognizes that it has a responsibility to provide guidance and assist new trustees in fulfilling their duties and responsibilities, this is done in accordance with Charity Commission guidance.

New trustees are given appropriate Charity Commission publications, as well as a copy of the constitution and any amendments to it; and the latest copy of this report and statement of accounts.

Risk management

The trustees have appraised the key risks of the charity. Broadly these are those of seeing that the charitable objects are continued to be carried out at a time when the number taking vows is falling as well as meeting the needs of the Community. The risks attaching to investments are also considered.

Investment powers and policy

The trustees have powers under the Constitution of the CIO to invest surplus funds and to invest and dispose of capital. These investments are managed on behalf of the Community by Investec Wealth with a balanced approach to income generation and capital accumulation, whilst being mindful of the needs of beneficiaries and how these may change over time.

The trustees with the investment advisers undertake an annual review of the investment strategy and risk, in addition to receiving updates on performance on a quarterly basis.

Achievements and performance

During the year the charity's pastoral work has continued, as well as providing spiritual direction and facilities for quiet days, study days and retreats.

We continued to welcome visitors, including those from other religious communities.

Financial review and investment performance

The charity's income for the year was £132,299 (2021: £397,151, included the sale of a property). Income arises from investments, Sisters' pensions and donations. Income continues to fall short of meeting the expenses of the Community.

There was a deficit before movements on investments for the year of £38,367 (2021: £243,298 surplus). The year ended 31 March 2021 included the net proceeds from the sale of White Cottage, Whitby of £234,696. There has been no significant change in the level of activities for the trustees to report. The gains on investment sales in the year was £59,209 (2021: losses of £15,551). Unrealised gains on the valuation of investment assets at the 31 March 2022 totalled £67,846 (2021: gains of £388,257).

The investment portfolio managed by our investment advisers continues to hold up in what have been difficult circumstances for world markets.

Page 2

Community of St. Peter, Horbury Trustee's Annual Report for the year ended 31 March 2022

Charity Registration No. 1169013

Reserves policy

It is the policy of the charity to maintain unrestricted funds such that the normal activities of the organisation can be maintained at a satisfactory level in order to achieve the purposes set out above. The Charity has unrestricted General Reserves of £2,637,006 plus land, buildings and other assets of £610,000. The Charity has no restricted funds or endowments.

Trustees' responsibilities in relation to the financial statements

The trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

In preparing the financial statements, the trustees are required to:

l select suitable accounting policies and then apply them consistently;
l observe the methods and principles in the applicable Charities SORP;
l make judgements and estimates that are reasonable and prudent;
l state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
l prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the CIO's constitution.

They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approval

The Report of the Trustees was approved by the Board of Trustees on 25 October 2022 and signed on their behalf by:

…………………………………………… Robina Byles Trustee Community of St. Peter, Horbury

Page 3

Community of St. Peter, Horbury Independent Examiner's Report to the Trustees of Community of St. Peter, Horbury for the year ended 31 March 2022

Charity No. 1169013

I report to the charity trustees on my examination of the accounts of the CIO for the year ended 31 March 2022, which are set out on pages 5 to 11.

Responsibilites and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the CIO's accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
2) the accounts do not accord with those records; or
3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Use of our report

This report is made solely to the charity trustees, as a body. My work has been undertaken so that I might state to the charity trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity trustees as a body, for my work, for this report, for the statements I have made, or for the opinions I have stated.

…………………………………………………….…………………...…

dated 25 October 2022

Ebrahim Suleman

Member of the Institute of Chartered Accountants in England and Wales for and on behalf of Forrest Burlinson Chartered Accountants 20 Owl Lane, Shawcross, Dewsbury, WF12 7RQ

Page 4

Community of St. Peter, Horbury Statement of Financial Activities for the year ended 31 March 2022

Charity No. 1169013

----- Start of picture text -----
Unrestricted Funds Unrestricted Funds
2022 2021
Note £ £
Income and endowments
Donations and legacies:
Donations 60 30
Legacies 1,000 34,723
Sisters' pensions 59,930 59,210
Charitable activities:
Government Covid support -- 3,751
Investment income 71,309 59,437
Other income:
Proceeds from disposal of property -- 240,000
Total income 132,299 397,151
Expenditure
Costs of raising funds:
Investment management costs 15,657 14,162
Expenditure on charitable activities:
Donations made 3 1,030 5,000
Community expenses 4 150,259 127,227
Governance costs 5 3,720 7,464
Total expenditure 170,666 153,853
Net income/(expenditure) before gains/(losses) on investments (38,367) 243,298
Net gains/(losses) on investment assets 6 127,055 372,706
Net movement in funds 7 88,688 616,004
Reconciliation of Funds
Total funds brought forward 3,158,318 2,542,314
Total funds carried forward 14 3,247,006 3,158,318
----- End of picture text -----

There were no recognised gains or losses for the year ended 31 March 2021 or for the year ended 31 March 2022 other than those included in the Statement of Financial Activities above.

All income and expenditure derives from continuing activities.

Page 5

Community of St. Peter, Horbury Balance Sheet as at 31 March 2022

Charity No. 1169013

----- Start of picture text -----
Unrestricted Funds Unrestricted Funds
2022 2021
Note £ £
Fixed Assets
Tangible Assets 10 610,000 619,000
Investments 11 2,208,275 2,088,111
2,818,275 2,707,111
Current Assets
Cash at bank and in hand 12 433,720 454,388
Total Current Assets 433,720 454,388
Creditors: amounts falling due within one year 13 (4,989) (3,181)
Net current assets 428,731 451,207
Total net assets 3,247,006 3,158,318
Funds of the charity: 14
Unrestricted Funds brought forward 3,158,318 2,542,314
Net movement in funds 88,688 616,004
Total funds 3,247,006 3,158,318
----- End of picture text -----

The notes on pages 7 to 11 form part of these accounts.

Approved by the trustees on 25 October 2022 and signed on their behalf by:

…………………………………………… …………………………………………… Robina Byles CSPH Jean Turnbull CSPH Trustee Trustee

Page 6

Community of St. Peter, Horbury Notes to the Financial Statements for the year ended 31 March 2022

Charity No. 1169013

1 Accounting policies

The Charity is a public benefit entity as defined by FRS 102.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation of accounts

The accounts are prepared under the historical cost convention and include the results of the charity's operations which are described in the Trustees' Annual Report and all of which are continuing. The accounts have been prepared in accordance with the Statement of Recommended Practice: ' Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ' (Charities SORP) , and with FRS 102, applying the disclosure requirements of section 1A, other than where additional disclosure is required by the Charity SORP or in order to show a true and fair view, and the Charities Act 2011 and applicable regulations. The accounts are presented and rounded in whole UK pounds.

1.2 Legal status

The Charity is a Charitable Incorporated Organisation (CIO). The members of the CIO are the trustees named in the Trustees' Annual Report.

1.3 Recognition of income

Income is included in the Statement of Financial Activities when:

l the charity becomes entitled to the resources;

l it is more likely than not that the charity will receive the resources; and

l the monetary value can be measured with sufficient reliability.

Income and expenses are not offset, unless permitted by the Charity SORP or FRS 102.

1.4 Income from interest and dividends

This income is included in the Statement of Financial Activities when receipt is probable and the amount receivable can be measured reliably.

1.5 Investment gains and losses

This includes any realised gains or losses on the sale of investments and any gain or loss resulting from the revaluation of investments to market value at the balance sheet date.

1.6 Other income - proceeds from disposal of property

During the prior year the charity sold a property known as White Cottage in Whitby. This property had been used for the purposes of the charity.

1.7 Expenditure and liability recognition

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activites includes premises expenses, providing facilities and support to beneficiaries who are members of the Community of St. Peter, Horbury, an anglican religious community of Sisters.

1.8 Pension costs

The charity operates a contributory pension scheme in respect of one staff member. The pensions costs charged to the SOFA in the year are contributions payable of £614 (2021: £698).

Page 7

Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2022

Charity No. 1169013

1.9 Governance and support costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, these together with other support costs are included under the costs of the charity's one charitable activity, being the only activity against which costs are allocated.

1.10 Going Concern

There are no material uncertainties about the charity's ability to continue as a going concern.

1.11 Tangible fixed assets for use by the charity and depreciation

Tangible fixed assets for use by the charity are stated at cost less depreciation.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives on the following bases:

Freehold buildings on a straight line basis on cost over 50 years Motor vehicles on a straight line basis on cost over 5 years Fixtures and equipment on a straight line basis on cost over 5 years

No depreciation is charged on freehold land.

1.12 Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at market value at the period end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case they are measured at cost less any impairment.

1.13 Creditors

Creditors are measured at settlement amounts less any discounts.

1.14 Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

1.15 Funds structure

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. The charity currently has no restricted funds or endowments.

1.16 Taxation

No tax has been provided in these accounts because the trustees believe that the income and gains are within the exemptions granted for charities.

2 Trustee's remuneration and expenses and related party transactions

Trustees received no emoluments or expense reimbursements in the year.

There are no transactions with related parties.

Some charity trustees are members of the Community of St Peter, Horbury, and therefore are also beneficiaries of of the charity as detailed in note 16.

Page 8

Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2022

Charity No. 1169013

----- Start of picture text -----
3 Donations made 2022 2021
£ £
St. Peters Church, Horbury 1,000 5,000
Walsingham College Trust Association Ltd 30 --
1,030 5,000
4 Community expenses
2022 2021
£ £
Staffing costs 52,961 51,717
Food and household 15,518 14,234
Premises costs 10,798 6,642
Utilities and council tax 11,166 10,335
Office and telephone 4,966 6,100
Medical 25,881 13,255
Travel 9,282 5,785
Sisters' support costs 6,500 6,000
Other costs 4,187 4,159
Depreciation 9,000 9,000
150,259 127,227
5 Governance costs
Accountancy fees 3,720 2,160
Solicitors fees -- 5,304
3,720 7,464
6 Net gains/(losses) on investment assets
Realised gains on disposals from investment portfolio 59,209 (15,551)
Net gain/(loss) on revaluation at the period end 67,846 388,257
127,055 372,706
7 Movement on funds
Movement on funds is stated after charging: 2022 2021
£ £
Independent examiner's fees 3,720 2,160
Other fees to the independent examiner - payroll services 374 401
Depreciation 9,000 9,000
8 Staff costs
2022 2021
The staff costs were: £ £
Wages and salaries 52,347 50,783
Employers national insurance -- 236
Employers pension contributions 614 698
52,961 51,717
----- End of picture text -----

The monthly average number of administration and domestic support employees in the year was 3 (2021: 3). The full time equivalent number was 2, (2021: 2). No employee received employee benefits of more than £60,000.

Page 9

Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2022

Charity No. 1169013

9 Support costs

As the charity only has one activity the only costs that constitute support costs are those incurred in the governance of the charity and were £3,720 (2021: £7,464).

10 Tangible fixed assets for use by the charity

COST as at 1 April 2021 Additions as at 31 March 2022 DEPRECIATION as at 1 April 2021 Depreciation - current year as at 31 March 2022 Net book value 31 March 2022 Net book value 31 March 2021	Land and Motor Fixtures and Total buildings Vehicles Equipment £ £ £ 700,000 26,786 6,849 733,635 -- -- -- -- 700,000 26,786 6,849 733,635 81,000 26,786 6,849 114,635 9,000 -- -- 9,000 90,000 26,786 6,849 123,635 610,000 -- -- 610,000 619,000 -- -- 619,000

Freehold land and buildings includes the land and dwelling house known as St. Peter's Convent, Horbury.

11 Fixed Asset Investments

Market Value as at 1 April 2021 Additions at cost Disposals at carrying value Net gain/(loss) on revaluation Market Value as at 31 March 2022 Historical cost (2021: £1,590,569). Sector analysis: Equities Fixed interest Cash held within the investment portfolio All investments are held and managed in the UK. 12 Cash at bank and in hand HSBC bank accounts Cash in hand	Quoted Cash held Investments on deposit Total £ £ £ 2,062,465 25,646 2,088,111 91,944 19,029 110,973 (58,655) (58,655) 67,846 67,846 2,163,600 44,675 2,208,275 1,623,857 44,675 1,668,532 2022 2021 £ £ 1,783,902 1,652,024 379,698 410,441 44,675 25,646 2,208,275 2,088,111 2022 2021 £ £ 431,494 452,113 2,226 2,275 433,720 454,388

Page 10

Community of St. Peter, Horbury Notes to the Financial Statements, continued for the year ended 31 March 2022

Charity No. 1169013

13 Creditors: amounts falling due within one year

Accruals		2022 £ 4,989		2021 £ 3,181
		4,989		3,181
14 Analysis of charitable funds in unrestricted funds Funds as at 1 April 2021 Income Expenditure £ £ £ General fund 3,158,318 132,299 (170,666)		Gains/ (Losses) £ 127,055	Transfers £ --	Funds as at 31 March 2022 £ 3,247,006
	3,158,318 132,299 (170,666)	127,055	--	3,247,006
Analysis of charitable funds in unrestricted funds - prior year: Funds as at 1 April 2020 Income Expenditure £ £ £ General fund 2,542,314 397,151 (153,853)		Gains/ (Losses) £ 372,706	Transfers £ --	Funds as at 31 March 2021 £ 3,158,318
	2,542,314 397,151 (153,853)	372,706	--	3,158,318

15 Securities and Charges

No charges exist over the property and assets of the charity.

16 Transactions with Trustees

Robina Byles, Jean Turnbull, Peggy Schofield and Jean Rushton are Sisters of the Community of St. Peter, Horbury and as such their welfare is funded by the charity.

Any capital members of the Community possess is held on trust by the charity and the income generated from the capital is given to the Community. State and other pensions to which the Sisters are entitled are also given to the Community.

Page 11